Rogers Comm (RCI) Stock News

Rogers Communications Inc. will release its first quarter 2023 financial results on April 26, 2023, before North American markets open. The results will be available via newswire and on investors.rogers.com. A teleconference will follow at 8:00 a.m. ET to discuss the results.

The meeting will be accessible via webcast and phone. Additionally, Rogers will host its Annual General Meeting on the same date at 11:00 a.m. ET, offering both in-person and online participation.

Rogers Communications has filed its 2022 annual report with Canadian and U.S. securities regulators, detailing audited financial statements and management discussions.

The report is accessible on sedar.com, sec.gov, and the Investor Relations section of Rogers’ website. Shareholders can request paper copies at no cost.

The company will hold its Annual General Meeting on April 26, 2023, at 11:00 AM ET, which will be a hybrid meeting at Velma Rogers Graham Theatre, Toronto, and via webcast.

Rogers is a major Canadian technology and media entity, with shares traded on TSX and NYSE under the ticker RCI.A and RCI.B.

Rogers Communications, Shaw Communications, and Quebecor have announced an extension of the proposed merger’s outside date to March 31, 2023. The companies are working with Innovation, Science and Economic Development Canada (ISED) to secure approval for the transfer of spectrum licenses from Shaw to Videotron, which is essential for the merger to proceed.

The merger has already received the approval of Shaw's common shareholders, the Court of King’s Bench of Alberta, and the Canadian Radio-television and Telecommunications Commission. Furthermore, the Federal Court of Appeal dismissed a challenge from the Commissioner of Competition, reinforcing the merger's viability.

Rogers Communications reported strong Q4 2022 results, showcasing significant growth in Wireless and Media sectors. Key highlights include:

• Postpaid mobile phone net additions of 193,000, a 37% increase.
• Total service revenue up 6% to CAD 4,166 million, with adjusted EBITDA rising 10% to CAD 1,679 million.
• Media revenue surged by 17%, contributing an additional CAD 83 million to adjusted EBITDA.
• Capital expenditures reached CAD 776 million, with a total investment of CAD 3.1 billion in 2022.
• 2023 guidance indicates continued growth, projecting total service revenue growth of 4% to 7% and adjusted EBITDA growth of 5% to 8%.

Rogers Communications has declared a quarterly dividend of 50 cents per share on its Class A and Class B shares. The dividend payment is scheduled for April 3, 2023, with a record date of March 10, 2023. This decision reflects the company’s ongoing commitment to providing returns to its shareholders.

Shareholders should note that dividends are only payable as declared by the Board of Directors, with no entitlement until the declaration is made. Rogers Communications remains a significant player in the Canadian technology and media sector, with shares available on both the Toronto Stock Exchange (TSX: RCI.A, RCI.B) and New York Stock Exchange (NYSE: RCI).

Rogers Communications Inc., Shaw Communications Inc., and Quebecor Inc. announced an extension of the merger agreement's outside date to February 17, 2023. This merger involves the acquisition of Freedom Mobile by Videotron, a subsidiary of Quebecor. Approval from Innovation, Science and Economic Development Canada (ISED) is required for the spectrum license transfer from Shaw to Videotron. Recent rulings have favored the merger, including a Federal Court of Appeal dismissal of an appeal by the Commissioner of Competition. Both companies reaffirm their commitment to these transactions, providing anticipated benefits to Canadian consumers.

On January 24, 2023, Rogers Communications Inc. announced a favorable ruling from the Federal Court of Appeal regarding its merger with Shaw Communications Inc. and Freedom Mobile's acquisition by Quebecor Inc. The court dismissed the appeal against the Competition Tribunal's earlier decision, which supported the transactions aimed at enhancing competition in Canada. The Minister of Innovation must approve spectrum transfers for the merger to proceed. Shareholder approval has already been obtained, along with previous endorsements from regulatory bodies. Despite this progress, completion remains contingent on further regulatory approvals and customary closing conditions.

Rogers Communications and Shaw Communications have stated their commitment to the proposed merger amidst an appeal by the Commissioner of Competition against the Competition Tribunal's approval. The Tribunal determined that the merger is unlikely to substantially lessen competition in Alberta and British Columbia, asserting that it can enhance competition instead. Shareholder approval has been secured, and key regulatory bodies have already approved necessary licenses. However, uncertainty remains regarding the appeal outcome and further regulatory approvals.

Rogers Communications and Shaw Communications received a favorable decision from the Competition Tribunal regarding the acquisition of Freedom Mobile by Videotron, paving the way for the Rogers-Shaw Transaction. The only pending approval is from the Minister of Innovation, Science and Industry for the transfer of wireless spectrum licenses to Videotron. The deadline for the transaction has been extended to January 31, 2023. Previously, approvals were secured from Shaw shareholders and the Court of King’s Bench of Alberta, with additional approvals expected for the merger to complete successfully.